Get ready for MiCA! The year 2024 can already be summed up as good vintage regarding bitcoin. But the next one could at least be more complicated on the European side. Really, regulatory framework Crypto asset market (Mica) in the preparation of years will enter into effective application from December 30th other. An opportunity for the European Securities and Markets Authority (ESMA) to publish “ latest news set containing technical standards and regulatory guidelines. Does that mean?
- The MiCA regulatory framework for cryptoassets in Europe has been finalized by ESMA and will enter into force on December 30, 2024.
- Despite the detailed guidelines, several European countries have expressed difficulty in meeting the deadlines due to ambiguities in the texts.
MiCA: final regulatory section
THE countdown is officially launched. After several years of often blind trial and error and sometimes surreal decisions, the MiCA regulatory framework will become the standard in cryptocurrencies made in Europe.
The text of the law, which is already established as the very first of its kind in a territory of this size. And while America’s players – harassed by the SEC – envy us this feat, small local crypto firms are wondering how to resist into the coming storm.
However, a few weeks before this date The European Securities and Markets Authority (ESMA) is still calling for revisions of this text. With the increased demands that will eventually happen stricter than in traditional finance.
However, it appears that ” technical standards and regulatory guidelines » are finally shelved for good. In any case, this is revealed by the latest report published by ESMA, which aims to “ prepare for MiCA » !
“The entry into force of the MiCA regulation from 30 December 2024 marks an important step towards creating a regulatory framework for the crypto-asset market. (…) Going forward, as the transition period progresses, we will continue to advise and work with all national competition authorities to ensure a smooth implementation of MiCA and promote a level playing field through supervisory convergence measures. »
Verena Ross, President of ESMA
Latest guidance from ESMA
The ESMA report contains six basic points. These are intended to enable the proper implementation of the MiCA regulatory framework in the course of transitional period its launch. A small part thirty technical standards and guidelines issued by ESMA. This during its “extensive regulatory work over the past 18 months. »
- Regulatory technical standards for prevent and detect market abuse in crypto assets
- Instructions for reverse exception treated as an exception not to be used for bypass MiCA requirements
- Guidance for Digital Asset Service Providers (DASPs) and their appropriate recommendations or decisions on behalf of their clients
- Instructions for crypto asset transfer services specifying the policies and procedures that the PSAN must implement
- Guidelines for qualifying cryptoassets as financial instruments
- Instructions for maintenance of security access systems and protocols for service providers not subject to the same operational resilience standards
But this launch should be more chaotic than it seemsnot always aligned within Europe. At least six countries (Belgium, Italy, Poland, Portugal, Luxembourg and Romania) have already confirmed that they will have difficulties in meeting the deadline set at the end of this year due to the lack of clarity of the existing texts.
But in the end it doesn’t matter. Because the President of ESMA continues its regulatory journey against wind and tide, p European banking system considered more friendly to cryptocurrencies than on the US side. At the same time, we do not forget to remind you that the “new regime will not be enough to eliminate uncertainty and volatility inherently belongs to the crypto-asset market. It may be necessary to explain to him why supervision does not mean – fortunately – control!